Standard & Poor's said it has revised its credit assessment of the company that would result from the merger of Olivetti SpA and Telecom Italia SpA. The rating agency raised its preliminary credit estimate for the combined entity to A-minus this week, from a March estimate of BBB-plus.

S&P based its earlier estimate on the assumption that Olivetti would need to assume about $40 billion of debt to buy Telecom Italia. But Olivetti will probably need to issue only about $28 billion of debt to finance the acquisition, now that it has obtained a majority of ordinary shares.

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